U.K. wants action to cut oil price volatility

LONDON (MarketWatch) -- The U.K. Treasury said Saturday that it wanted action taken by oil producing countries to reduce volatility in energy markets. "We have recognized that high and volatile oil prices are a risk to the world economy and we have called on all oil-producing countries to take action consistent with maintaining sustained and stable economic growth. But we must also take action to improve the operation of the oil market in the medium- to long-term through increased transparency, increased investment and better information," a spokesman said. Russia is the only country of leading oil producers represented at the 2005 G-7 conference.

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